What does Surplus mean?

When quantity supplied is more than demanded

Where you have less in supply than demand

The point where quantity demanded is the same as supplied

What is the Law of Demand?

As the price of a good increases the Demand will decreases

What is a price floor?

A minimum price set by the government

What is Elasticity Demand?

An increase in price will effect the demand of the product

What is the law of supply?

As price of an item increase so does amount supplied

What is a price ceiling?

A maximum price set by the government

The correct answer is C

C, The third letter of the alphabet, The letter after B

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Supply And Demand

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HHS Economics Supply and Demand Review

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Questions 15

Answers

1
What does Surplus mean?
When quantity supplied is more than demanded
When quantity supplied is equal to demanded
A career as a sumo wrestler
When quantity supplied is less than demanded
2
What is a shortage?
Where you have more in supply than demand
When you have the same amount in supply and demand
Where you have less in supply than demand
Buying an ipod
3
What is an example of an inelastic good?
Pepsi
In-N-Out
Petrol
Beer
4
What is equilibrium?
The point where quantity demanded is the same as supplied
The point where quantity demanded is different than supplied
A maximum price set by the government
A made up word
5
What is the Law of Demand?
As the price of a good increases the supply will decrease
As the price of a good increases the Demand will decreases
As the price of a good increases the Demand will increases
As the price of a good decreases the Demand will decrease
6
The correct answer is no 3
3
1
2
9
7
What is a price floor?
Dropping your wallet on the floor
Massaging an Alligator
A minimum price set by the government
A maximum price set by the government
8
What is Elasticity Demand?
An increase in price will effect the demand of the product
Owning a taco truck without a permit
A lot of demand
An increase in price won't effect the demand of the product
9
What is a reason for a shift in supply?
Complements
Substitutes
Expactations
Income
10
Which is not a reason for a shift in supply?
Expectations
Change in no of suppliers
Income
Change in cost of production
11
What is the law of supply?
As price of an item increase so does amount supplied
Nonsense
As price of an item decreases so does amount supplied
The same as the law of demand
12
Which is not a reason for a shift in demand?
Income
Supply
Substitutes
Complements
13
What is a price ceiling?
Gluing dollar bills to the ceiling
A maximum price set by the government
I dunno Google it
A minimum price set by the government
14
What is a reason for a shift in demand?
Income
No of suppliers
Change in cost of production
Technology
15
The correct answer is C
C
The third letter of the alphabet
The letter after B
The letter before E

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